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REGULATION
Obama Announces New Regulatory Reform Proposals
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President
Barack Obama on Wednesday presented a plan for regulatory reforms in
the financial services industry. The details of the plan were
revealed in an 89-page Treasury Dept. report titled Financial
Regulatory Reform: A New Foundation.
This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.